SBI KYC Online: Nowadays, Know your customer or KYC has become an important part of the banking system as per the RBI's norms. In fact, not adhering to KYC norms can also lead to heavy penalties being slapped on the offending banks.
The customers or depositors are required to complete their KYC for hassle-free banking experience, ever since the formalisation of the banking sector.
Just like customers, all commercial banks, cooperative banks, non-banking financial companies (NBFCs) and other microfinance lenders are also required to do KYC. To complete the KYC process, customers need to provide select documents with their bank or financial institution.
Country’s largest lender, State Bank of India, allows several documents which can be used by different individuals for the purpose of KYC.
The KYC details basically enable banks to understand their customers and their financial dealings better, which in turn help them manage their risks.
SBI has mentioned the list of documents that are required to be submitted while complete know your customer (KYC) norms on its official website - onlinesbi.com.
Bank's official website offers several other features like transactions, PPF account opening and international banking, among others.
Bank account holders just need to submit a copy of any of the following identity and proof of address (either permanent or current) documents:
KYC DOCUMENTS – Individuals
- Voter's Identity Card
- Driving Licence
- Aadhaar Letter/Card
- NREGA Card
- PAN Card
KYC DOCUMENTS - Non Individuals
- Proof of the name, address and activity of the concern
- Registration certificate (in the case of a registered concern).
- Certificate/licence issued by the Municipal authorities under Shop & Establishment Act.
- Sales and income tax returns
- CST/VAT certificate·
- Certificate /registration document issued by Sales Tax/Service Tax/Professional Tax authorities.·
- Licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, registration /licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/ Department, etc.
- Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of the bank account etc.
- The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
- Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
- According to onlinesbi.com, person who will operate the account is required to submit his/ her ID proof to the bank, if the holder is below the age of 10 years.
"In cases where minor can operate the account independently, KYC procedure for identification/address verification as in the case of any other individuals would apply," the website says. For Non-resident Indians (NRIs), they can present a passport or residence visa copies, attested by foreign offices, notary, Indian Embassy, officers of correspondent banks (whose signatures are verifiable through an authorized branch of the SBI).
The bank has relaxed norms for small accounts as holders. "A small account can also be opened with any one of the following documents which are deemed as ‘Officially Valid Documents' - 1. Identity card with applicant's photograph issued by Central/State Government Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions; 2. letter issued by a gazetted officer, with a duly attested photograph of the person," onlinesbi.com says.
KYC details are also mandatory for other financial transactions such as mutual fund investments, making PF withdrawals, digital wallets and more.